The real deal about the paycheck vs being self-employed is obvious but worthy of discussion. With many years as an employee which were both rewarding and restrictive and now embarking in new waters, it is interesting, to say the least. After talking with several business owners that have been self-employed for many years they advised me to save as much money as possible when things were good because it can slow down. I was also told to generate multiple streams of income. Before any decision is made, it is always wise to be armed with the knowledge to make an informed decision. There are pros and cons to both.
The best benefit of being an employee is receiving a weekly or bi-weekly paycheck. This is the reason many people continue to be an employee. Earning a paycheck is also very honorable and responsible. There is nothing bad about receiving a paycheck. If I had to say one thing about being an employee that was not a benefit, it would be the limits on how much you can earn. Your increase, in many cases, is in the hands of someone else, like your supervisor or manager. Receiving a paycheck is a reliable income that in some cases have limits on the earning potential.
The Self Employed
Being self-employed is a totally different way to earn a living. The biggest benefit is that you can work within your schedule either full time or part-time. As a business owner or self-employed, you design the type of work you are doing. You also have more control over opportunities to earn more money. As a self-employed person, the option to evolve and change directions are limitless. Business owners and self-employed individuals are the decision-makers which give them more control over the work they are doing. One drawback to being self-employed is the risk that comes with working for yourself. Unlike the consistent paycheck, the self-employed or business owners rely on the customer and in many cases, the method of receiving revenue can be in the form of a 30-day invoice. The self-employed have the luxury of their time coupled with a huge amount of risk. There are other differences such as taxes, health benefits and paid time off that are very distinctive between these two different ways to earn a living. The pros and cons are very clear for someone making a decision on what is best for them, I suggest looking at all avenues.
The real question is, which one is best for you. Sometimes, we can straddle the fence and do them BOTH but when you go all in, for either position we make a choice.
Follow your dreams full time.
Keep your 9:00 – 5:00 for security.
There are no right or wrong answers.
JUST A CHOICE